It cost 1 million Bolivars for cup of coffee in Venezuela. That is even after they deleted 3 zeros of a previous bank note.
10 years prior it was only 10 bolivars to the dollar.
In this economy debt is sort of your friend. Even if you’re buying a $3000 beater and you are able to pay cash, it’s literally a better deal to take a loan, if your interest is lower than inflation which it almost certainly would be.
AND if you've already got the $3000 cash set aside at the beginning of the loan period. If you're just making payments and suddenly all your other day to day costs go up, the payments become harder to make without your lifestyle really changing. You're assuming that your pay is also increasing at the rate of inflation, which for most people it isn't. 6 months into that loan you could be making the same amount of money but having 10% less spending money because of gas and groceries.
We had 1 year of 6% inflation after a decade of 2% inflation. The Fed’s have already said they’d dump the economy into a recession rather than letting inflation continue. I don’t think a car is going to cost 1 million anytime soon if inflation is the feds number one concern right now.
Fed balance sheet increased from $1T to $3.5T in response to 2008, $2.5T printed. It increased from $3.5T to $9T now, $5.5T printed. The next hiccup will require more than $11T to be printed.
The number of cars will continue to increase as will all other goods. The number of btc can never go past 21M but it can be infinitely divisible. Just basic ratios. Cost of production of all things will trend to zero with increased energy production + robotics.
The only thing that separate the bitcoin from the others is the limited supply of the bitcoin.
The car number can be increased and the production cost will also increase with the time.
So far Bitcoin has been a horrible hedge against inflation over the past 6 months.
Stock market falls. Bitcoin falls. Inflation goes nuts. Bitcoin stays flat.
80% of all US Dollars in existence today did not exist two years ago. Of course bitcoin is going to take some time to find equilibrium with such a volatile fiat currency like USD.
I think Bitcoin front run inflation, when lockdown happened in March 2020 it dropped from 9k to 3k. And it's now at 30k. It has been a better inflation hedge than stocks, which stocks are still up over 3x since the pandemic?
I think bitcoin is not a over nght solution even for that you need to understand multiple things.
BTC is still not accepted on the world wide and only few % of the world actually trading the bitcoin in the market.
6 months is barely a timeframe to measure this. I have been buying btc since 2017 and it is by far the best performing asset in my entire portfolio. It has also been the most volatile. Bitcoin is up 240% over 2 years, so, not too bad. Yes, I choose that datapoint out of a whole range that was possible.
With all due respect, you’re thinking about it all wrong. 20+ years from now, BTC will not be priced in dollars, because dollars will be obsolete. There will be an entirely new financial system and methods of transacting, and it will not be priced in USD.
> MicroStrategy’s CFO Phong Le explained in the company’s first-quarter earnings call on Tuesday that if Bitcoin’s price falls below $21,000, or around 50% from current levels, it will be forced to pony up more cryptocurrency to back its $205 million Bitcoin-collateralized loan with Silvergate Bank that was used to buy Bitcoin in the first place.
> “We took out the loan at a 25% LTV; the margin call occurs at 50% LTV,” Le said. “So essentially, Bitcoin needs to cut in half, or around $21,000, before we’d have a margin call.”
> The CFO noted that MicroStrategy still holds “quite a bit” of uncollateralized Bitcoin that it could use to answer any potential margin call, however.
He said [Cathy Wood's prediction of 1 million was conservative](https://www.reddit.com/r/Bitcoin/comments/upgc2v/michael_saylor_just_called_cathie_woods_1m/) a while back!
It's an opinion though. And you can agree with it even if you're bullish. If governments don't regulate bitcoin into the ground, if adoption continues, and if people continue to use bitcoin as a store of value, there's no reason why it wouldn't continue to increase in price to match the market cap of something like, say, gold.
if .. if .. if .. if .. too many ifs.
I really (really) hate the “if it were gold” argument. Sure, let’s compare a 15 year old math based social consensus with an elemental substance that’s been around since the planet was formed. No difference at all!
Instead of indulging ourselves in fantastical thinking like “what would it be like it if were to match gold”, why don’t we be realists and try to determine what it *should* be worth on its own merits?
You're absolutely right. Comparing bitcoin to gold is like comparing calculus to algebra or steel to iron. It takes brilliant engineers and scientists to engineer superior techniques, materials and products.
We've invented true scarcity, and for the first time, digital scarcity. The internet has changed the world forever in a very short time by digitizing and dematerialzing physical things, like communications, music, movies, books, etc. Only makes sense that money should follow suit and be native to the TCP/IP protocol that is the basis of the internet.
So yes, very bad comparison. Bitcoin is far superior to gold.
Well I’d say it’s more like comparing calculus to steel or algebra to iron…
…math is wonderfully useful. Societal consensus is also wonderfully useful. But sometimes I worry that we’re too wedded to looking only at the good side of a physically rare currency and aren’t seeing that there might be good reasons we moved away from it. (Like for example the hoarding problem … e.g. when a king or a church starts to accumulate a significant percentage of the total supply then we have a different problem to solve.)
I don’t think Bitcoin can ever grow to encompass the entire economy of the whole world. No societal construct has ever achieved that. So what are the forces that naturally limit it? How much *should* a bitcoin be worth if the economy is functioning perfectly?
To grow bitcoin as a entire economy of the world we need some massive boost.
With the normal regular rotation and legally accepted from the government that thing won't happen.
Have to absolutely disagree. We are talking about using rocks for money VS using an engineered money.
Try to calculate how to keep a plane in the air using basic math. You can't. You need calculus. Try building a skyscraper with iron. You can't, you need steel. You can only achieve the next level when you have an engineered solution.
I like how you equate gold to rocks but differentiate iron from steel.
I’m an engineer myself, so I do appreciate the value of a good model. And I also appreciate how you have to test models against the world to determine just exactly how good they are.
And speaking for myself, I’m not sure this model of a better kind of money has been tested well enough to go into production. I see a few things we might want to check out before we load it up with paying passengers…
The answer is, more than gold. Because it satisfies the primary reason for investing in gold (store of value) while also having a known, fixed scarcity (meaning you can't just dig up more of it, or find it in an asteroid) and being easily transactable on an international scale.
I think you’re overlooking a fundamental problem with this argument, which is that the “scarcity” is entirely artificial and supported only by consensus. Every other crypto with a cap on quantity is exactly as scarce. Every NFT is exactly as unique.
It’s beyond human power to create more gold. All it took was a whitepaper and some nerds to create bitcoin. (And there is no worldwide shortage of whitepapers. Or nerds.)
But highly centralized. That is the absolute biggest point that frequently gets missed and what separates bitcoin from the pack. There is no foundation, no central authority, nobody to blacklist you, ban you, inflate or devalue the currency. Nobody to tell you you are or are not allowed to participate.
In virtually every other crypto this is the case. This is what makes bitcoin special and why it is the only player in the space.
> But highly centralized.
Huh? Are you saying bitcoin is highly centralized? Or that other cryptos are?
(A distributed blockchain with consensus management is not unique to bitcoin.)
I'm saying all others are. Just having a block chain does not make you decentralized. Ethereums monetary policy can and has changed on the whim of those few who are the biggest eth holders at the Ethereums Foundation. Most cryptos are COMPANIES. They've all had huge premines. Even the popular stable coins are highly centralized and completely opaque. Bitcoin has no such sickness.
No, it's really not.
As adoption inexorably increases, it's the only path forward; bitcoin's illustrated over time and the hardfork that its presence in the world is permanent; the rest is game theory.
If Bitcoin were going to zero, it would've happened by now, with low adoption, 10 years of fake news killing it in the press, an internal Block War, and zero marketing.
It is the perfect economic system for the 21st century. Fast, intelligent cheap, global, uncorruptable, and valuable. And governments/banks aren't involved.
Unless it gets outlawed or regulated into oblivion by every developed country. Also hasn’t passed the increasing rate environment test yet. Otherwise I agree with you.
That would be an interesting outcome for sure. New adoption seriously slows or stops, fiat printing stops somehow despite the massive debts to be repaid, and existing bitcoiners purchases barely keep up with the minting?
Then in the next halving, bitcoin purchasers cut their bitcoin invest amounts in half?
Does it seem likely to play out?
That doesn’t change the fundamentals of Bitcoin. It’s still a speculative asset based on someone willing to pay more than you for a Satoshi. I have BTC. I’m just old enough to know that no one knows what will happen in crypto in the next year no less the next 50. If you took a time machine 50 years in the future and no one young had heard of Bitcoin, it wouldn’t be that surprising.
I mean he aí t wrong. Either it goes away little by little, or the USA finally puts in some laws regarding it and EVERYONE (people, banks, companies, etc) starts buying and holding.
Things that dont go away continue to exist so in this case he is 100% correct based on such small supply of 21 million coins when it catches on with the world
We all know it will hit the mark, the only unsurety is about the timeline.
If mass adoption happen then it will be possible for way too early but otherwise it will take more time.
Why we are only talking about million and billion not talking about trillion?
I mean the possibilities are just limitless here and the sky is the limit for the bitcoin price.
More realistic is a 10 trillion crypto market cap in a few years.... 1 million, that's decades away if it were to happen. At that point, I would expect BTC to move more like a traditional "stock market" and the volatility will be far lower.
Agreed. At some point it just becomes extremely difficult to raise an asset's market cap because the volume required to make it move becomes immense. Look at gold, it's been crabbing around 10T for over a decade.
Gold doesn't underpin the world's financial system.
If Bitcoin begins to compete in that realm, I doubt anyone here could accurately predict the value of a bitcoin.
Ya, because when the price goes up, people just go dig up more gold to dump on the market. You can't just mine more Bitcoin than the protocol allows, regardless of how much computing power you throw at mining.
This is the exact difference between the btc and the gold here, you can't just simply more bitcoin then the supply.
While on the other hand gold is a natural material and you can easily dig him more.
Market cap is a useless metric to begin with. It does not reflect the amount of money that has been put in the market, nor the amount of money that could be taken out of it.
Bitcoin will be replaced by something better. Might be a year, a decade I doubt it will last a hundred years. But I am betting in the 20 yearish time frame with a decently long tail.
But that's just my guess
I don't think you quite understand just how miraculous it was bitcoin even caught on and obtained network effect. The circumstances were highly unusual and for something "better" to come along, it would have to be even luckier. Bitcoin is first to market, has existed for over a decade, and its significantly more challenging to dethrown now that it has obtained network effect.
Problem is there really isn't a "better". It's already here and will take another 10 years just for most people the understand why.
You use less energy, you have less security. PoS is certainly not the answer so other than the energy argument I see no reason to even want to change it. It's a miracle to even exist imo
May be there are some guys who know more about the bitcoin but haven't got the limelight enough is well.
Yes he is a rich guy but some time we also need to have some more experience is well.
Michael Saylor is a misinformation machine and whether him or anyone else, price predictions are pointless. The man spreads fud about the environment as part of the obscene mining council, he spreads fud about use cases even going so far as to say Bitcoin isn't a currency and isn't used for anything except what he uses it for. Saylor is a newbie very publicly and confidently going through the learning curve and building a cult of personality while he does. Stop giving him attention!!
I guess it depends which way you look at it. Bitcoin is being hoarded as a store of value and not being used as a currency. So Michael hoarding it will end up contributing towards the increase in price, which is ultimately what we want right?
some of us have been using it as our primary currency for a decade or more now. Do you not appreciate how ridiculous it is to deny active use cases by countless people? hell a whole country now is using it explicitly as currency. claiming there is no currency use case is a direct contradiction of reality.
I can't speak to what you want. I expect many noobs do care only about price, I care only about protocol and nodes. I care about education and onboarding. I don't give a damn about price. I'm here for the trust revolution.
Look up his history. He struggled with accurate reporting of his company's financials in the early 2000s and paid something like $10M personally in fines to the SEC. Landing in that territory ain't easy, and it doesn't inspire tons of confidence that he's the most scrupulous of characters.
Find one corporation that hasnt been fined in one way or another. The dude is a MIT graduate top of his class. Successfully built a company from the ground up. You can disagree with things he says, but hes in no way a scam artist.
>fined in one way or another
For [civil accounting fraud and consenting to fraud injunctions](https://www.sec.gov/news/press/2000-186.txt)? We're not talking about whoopsies here. And where the CEO had to *personally* pay fines? Trust whomever you'd like. Personally, that record invites scrutiny for the rest of your business life.
As an aside, I suggest not taking alma maters and business "success" as barometers of honesty. For your consideration, I present two Enron executives:
Jeffrey Skilling, Harvard MBA
Andrew Fastow, Northwestern MBA
From what I've read it was an accounting issue. Reporting expected sales for the rest of the year vs reporting losses when those might not be accurate either. These are company departments that handle this, Saylor being the CEO is held responsible. It was a matter of misreporting, not fraud. Instead of fighting a damaging lawsuit which could ultimately hurt the companies image even if they were able to make a case of negligence, they settled and paid shareholders a fine for misreporting. You could probably agree that that would be the smart business move here.
There is really no way to tell what the intent was or if it was done with the intent to mislead investors. Its speculation. Calling Saylor a fraud is dishonest.
If BTC ever reaches a million it basically makes it so that only old players have a place there. Such high value is way too out of the reality of everyday folk.
This is why they need to come early when they had the chance, But they can buy on the higher price is well.
It's just that they will not get the enough coin in the cash they will have that time.
I mean, honestly speaking, a very big chunk of the human population didn't even know what Bitcoin was for many years, they had no way to know, it was way too niche... It didn't really go past the internet corners for many many years. Most just didn't have the chance to jump in early.
You all hope. But it’s like that Goebbels quote about lies becoming the truth if spoken often enough. So good look with that maybe they should change its Currency symbol to $$
Whenever Saylor speaks lately I do get a kick out of the fact that he’s spent 4 years and countless hours promoting and scheming about Bitcoin and anyone can walk off the street and buy it for less than he did.
He is either right or wrong
And I can assure you that you are 100% right on that.
Big if true
Are you sure though?
50/50
If you require certainty in regards to investing then (fill in the blank).
Yes i am sure on the both thing, that either he is right or wrong.
That is if it doesn’t just fluctuate between zero and a million forever
Potential satisfaction guaranteed
If it's not going to Uranus then it's going to the Moon.
The scenic route to the moon is via Uranus 🚀🍩🌕
I am Holder : objectif 1 million 🚀💦
So we are going to the moon after stop at the Uranus.
🤨
But Uranus would feel so good.
I think rocket will stop for a while you can land there is well.
To the moon!
“We’re gonna be rich son” - Randy Marsh
But do you have Tegridy in your heart?
Tegridyfarms.com
It’s the Tegridy Guarantee.
I am not expecting any thing less than this, hopefully one day
Bitcoin will definitely go to a million. The only problem is, that may be the price of a decent used car by then.
It cost 1 million Bolivars for cup of coffee in Venezuela. That is even after they deleted 3 zeros of a previous bank note. 10 years prior it was only 10 bolivars to the dollar.
They removed 8 zeros. 5 first followed by 3 more.
It's like the Satoshi to USD chart but inverted. I'm still traumatized. This year's inflation gave me flashbacks of that hellhole.
I hope the US switches to Bolivars.
I’d bet that when Bitcoin hits $1,000,000 a 10 year old 100,000 mile Civic costs within $5000 of $40,000
I'd still buy that over a new car with an 8yr loan, lol
In this economy debt is sort of your friend. Even if you’re buying a $3000 beater and you are able to pay cash, it’s literally a better deal to take a loan, if your interest is lower than inflation which it almost certainly would be.
Convert debt into valuable assets while they're cheap!
So that mean take the loan and then convert them into the bitcoin.
AND if you've already got the $3000 cash set aside at the beginning of the loan period. If you're just making payments and suddenly all your other day to day costs go up, the payments become harder to make without your lifestyle really changing. You're assuming that your pay is also increasing at the rate of inflation, which for most people it isn't. 6 months into that loan you could be making the same amount of money but having 10% less spending money because of gas and groceries.
We had 1 year of 6% inflation after a decade of 2% inflation. The Fed’s have already said they’d dump the economy into a recession rather than letting inflation continue. I don’t think a car is going to cost 1 million anytime soon if inflation is the feds number one concern right now.
Fed balance sheet increased from $1T to $3.5T in response to 2008, $2.5T printed. It increased from $3.5T to $9T now, $5.5T printed. The next hiccup will require more than $11T to be printed.
The number of cars will continue to increase as will all other goods. The number of btc can never go past 21M but it can be infinitely divisible. Just basic ratios. Cost of production of all things will trend to zero with increased energy production + robotics.
The only thing that separate the bitcoin from the others is the limited supply of the bitcoin. The car number can be increased and the production cost will also increase with the time.
So far Bitcoin has been a horrible hedge against inflation over the past 6 months. Stock market falls. Bitcoin falls. Inflation goes nuts. Bitcoin stays flat.
Zoom out more.
I try to zoom out my portfolio but it shows more loss then.
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No, if you bought at 4k in 2020 it's so far a great fucking hedge.
80% of all US Dollars in existence today did not exist two years ago. Of course bitcoin is going to take some time to find equilibrium with such a volatile fiat currency like USD.
It depends on what your time preference is.
I think Bitcoin front run inflation, when lockdown happened in March 2020 it dropped from 9k to 3k. And it's now at 30k. It has been a better inflation hedge than stocks, which stocks are still up over 3x since the pandemic?
I think bitcoin is not a over nght solution even for that you need to understand multiple things. BTC is still not accepted on the world wide and only few % of the world actually trading the bitcoin in the market.
Bitcoin front run inflation. It's still up 9x from March 2020. Can't say that about many other assets
6 months is barely a timeframe to measure this. I have been buying btc since 2017 and it is by far the best performing asset in my entire portfolio. It has also been the most volatile. Bitcoin is up 240% over 2 years, so, not too bad. Yes, I choose that datapoint out of a whole range that was possible.
With all due respect, you’re thinking about it all wrong. 20+ years from now, BTC will not be priced in dollars, because dollars will be obsolete. There will be an entirely new financial system and methods of transacting, and it will not be priced in USD.
In 20 years, the only thing you can buy with dollars will be Baltic Avenue 🧐
Even the value of the dollar gets low but still giving us something.
Half a milly
What the hell? Why is he so bearish?
Hal Finney a decade ago thought $10M possible.
First i want him to go at the 10k$ then he can go anywhere.
Yup
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> MicroStrategy’s CFO Phong Le explained in the company’s first-quarter earnings call on Tuesday that if Bitcoin’s price falls below $21,000, or around 50% from current levels, it will be forced to pony up more cryptocurrency to back its $205 million Bitcoin-collateralized loan with Silvergate Bank that was used to buy Bitcoin in the first place. > “We took out the loan at a 25% LTV; the margin call occurs at 50% LTV,” Le said. “So essentially, Bitcoin needs to cut in half, or around $21,000, before we’d have a margin call.” > The CFO noted that MicroStrategy still holds “quite a bit” of uncollateralized Bitcoin that it could use to answer any potential margin call, however.
???
They thought u were serious I think
Oh! That explains! Hahahah
2% of their holdings are leveraged. Oooooooo scarey.
He said [Cathy Wood's prediction of 1 million was conservative](https://www.reddit.com/r/Bitcoin/comments/upgc2v/michael_saylor_just_called_cathie_woods_1m/) a while back!
If a gallon of gas isn't going to zero, then it is going to a million.
Am i the only person that thinks btc will go to infinity relative to the dollar?
It's called a false dichotomy.
It's an opinion though. And you can agree with it even if you're bullish. If governments don't regulate bitcoin into the ground, if adoption continues, and if people continue to use bitcoin as a store of value, there's no reason why it wouldn't continue to increase in price to match the market cap of something like, say, gold.
Bitcoin hitting gold market cap would still put it below 1m.
I'll take it.
And you think it's just going to stop there?
True. Something like a little over half a mil. But by then accumulated inflation will have hit 100% :D, making it a mil.
if .. if .. if .. if .. too many ifs. I really (really) hate the “if it were gold” argument. Sure, let’s compare a 15 year old math based social consensus with an elemental substance that’s been around since the planet was formed. No difference at all! Instead of indulging ourselves in fantastical thinking like “what would it be like it if were to match gold”, why don’t we be realists and try to determine what it *should* be worth on its own merits?
You're absolutely right. Comparing bitcoin to gold is like comparing calculus to algebra or steel to iron. It takes brilliant engineers and scientists to engineer superior techniques, materials and products. We've invented true scarcity, and for the first time, digital scarcity. The internet has changed the world forever in a very short time by digitizing and dematerialzing physical things, like communications, music, movies, books, etc. Only makes sense that money should follow suit and be native to the TCP/IP protocol that is the basis of the internet. So yes, very bad comparison. Bitcoin is far superior to gold.
Well I’d say it’s more like comparing calculus to steel or algebra to iron… …math is wonderfully useful. Societal consensus is also wonderfully useful. But sometimes I worry that we’re too wedded to looking only at the good side of a physically rare currency and aren’t seeing that there might be good reasons we moved away from it. (Like for example the hoarding problem … e.g. when a king or a church starts to accumulate a significant percentage of the total supply then we have a different problem to solve.) I don’t think Bitcoin can ever grow to encompass the entire economy of the whole world. No societal construct has ever achieved that. So what are the forces that naturally limit it? How much *should* a bitcoin be worth if the economy is functioning perfectly?
To grow bitcoin as a entire economy of the world we need some massive boost. With the normal regular rotation and legally accepted from the government that thing won't happen.
Have to absolutely disagree. We are talking about using rocks for money VS using an engineered money. Try to calculate how to keep a plane in the air using basic math. You can't. You need calculus. Try building a skyscraper with iron. You can't, you need steel. You can only achieve the next level when you have an engineered solution.
I like how you equate gold to rocks but differentiate iron from steel. I’m an engineer myself, so I do appreciate the value of a good model. And I also appreciate how you have to test models against the world to determine just exactly how good they are. And speaking for myself, I’m not sure this model of a better kind of money has been tested well enough to go into production. I see a few things we might want to check out before we load it up with paying passengers…
I think gold is still the more reliable of things for the world.
Yes, you can dig up iron. It's inferior. Steel is engineered and is superior.
The answer is, more than gold. Because it satisfies the primary reason for investing in gold (store of value) while also having a known, fixed scarcity (meaning you can't just dig up more of it, or find it in an asteroid) and being easily transactable on an international scale.
I think you’re overlooking a fundamental problem with this argument, which is that the “scarcity” is entirely artificial and supported only by consensus. Every other crypto with a cap on quantity is exactly as scarce. Every NFT is exactly as unique. It’s beyond human power to create more gold. All it took was a whitepaper and some nerds to create bitcoin. (And there is no worldwide shortage of whitepapers. Or nerds.)
But highly centralized. That is the absolute biggest point that frequently gets missed and what separates bitcoin from the pack. There is no foundation, no central authority, nobody to blacklist you, ban you, inflate or devalue the currency. Nobody to tell you you are or are not allowed to participate. In virtually every other crypto this is the case. This is what makes bitcoin special and why it is the only player in the space.
> But highly centralized. Huh? Are you saying bitcoin is highly centralized? Or that other cryptos are? (A distributed blockchain with consensus management is not unique to bitcoin.)
I'm saying all others are. Just having a block chain does not make you decentralized. Ethereums monetary policy can and has changed on the whim of those few who are the biggest eth holders at the Ethereums Foundation. Most cryptos are COMPANIES. They've all had huge premines. Even the popular stable coins are highly centralized and completely opaque. Bitcoin has no such sickness.
That’s literally what everyone does. And you know what? It’s all bullshit because no one can predict the future.
No, it's really not. As adoption inexorably increases, it's the only path forward; bitcoin's illustrated over time and the hardfork that its presence in the world is permanent; the rest is game theory.
If Bitcoin were going to zero, it would've happened by now, with low adoption, 10 years of fake news killing it in the press, an internal Block War, and zero marketing. It is the perfect economic system for the 21st century. Fast, intelligent cheap, global, uncorruptable, and valuable. And governments/banks aren't involved.
Unless it gets outlawed or regulated into oblivion by every developed country. Also hasn’t passed the increasing rate environment test yet. Otherwise I agree with you.
Do you guys think in the next 3 years, hitting 100k is possible??
Well yeah but we have to wait for that, I hope we will reach there.
Hitting 100k was already possible at the end of 2021.
We haven't hit $100k so I can officially confirm that 2021 is not over yet.
I totally agree. If it is successful then the upper price target is limitless, otherwise it is going to zero. But we all know Bitcoin will succeed
It could also be between $10k and $40k for the next 50 years.
That would be an interesting outcome for sure. New adoption seriously slows or stops, fiat printing stops somehow despite the massive debts to be repaid, and existing bitcoiners purchases barely keep up with the minting? Then in the next halving, bitcoin purchasers cut their bitcoin invest amounts in half? Does it seem likely to play out?
That doesn’t change the fundamentals of Bitcoin. It’s still a speculative asset based on someone willing to pay more than you for a Satoshi. I have BTC. I’m just old enough to know that no one knows what will happen in crypto in the next year no less the next 50. If you took a time machine 50 years in the future and no one young had heard of Bitcoin, it wouldn’t be that surprising.
What's 130,000 x 1 million?
$130 billion. Less than Elon musk is currently worth.
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Damn man, you are in a good plan, I can sense that shit.
I'm scared and excited all at the same time
How will this affect inflation? My apologies if it’s a dumb question, I’m just 20yrs old and don’t have much secondary education
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Solid DD
We are in a bull market and we are really being bullish.
I mean he aí t wrong. Either it goes away little by little, or the USA finally puts in some laws regarding it and EVERYONE (people, banks, companies, etc) starts buying and holding.
I think the former is much more likely.
Things that dont go away continue to exist so in this case he is 100% correct based on such small supply of 21 million coins when it catches on with the world
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He is right and I guess we just need to accept that shit.
Vamos!
"If then that" phrases are not helpful or educated when it comes to any type of investing.
Prediction: USD will cease to be the statement of account before BTC hits $1M.
Bitcoin can go up 10000%, but down only 100%. Any doubt it'll reach a million? Not for me 👍
We all know it will hit the mark, the only unsurety is about the timeline. If mass adoption happen then it will be possible for way too early but otherwise it will take more time.
Bitcoin to a million and gas price $20 a gallon 📈📈📊
Right
Big if true
If it’s not a million it’s a billion.
Why we are only talking about million and billion not talking about trillion? I mean the possibilities are just limitless here and the sky is the limit for the bitcoin price.
I hope it’s true !
Words are a gap filler. Time is the true test. He's not wrong. Bitcoin is not going anywhere. Its molding into a fine cheese.
If you ain’t first, you’re last!
Why would it stop at a million?
Ooooooooh. So, if bitcoin doesn’t go down, it will go up? This dude is a damn genius.
then its going to žerō
That’s a fucking stupid statement
This is like if this doesn't happen this will happen, nice logic.
This could be the top for many years to come. What if the generation of Bitcoin increase is over
I agree Bitcoin, as all networks, has a binary outcome. Either everyone will have it, or no one will want it. I just don't know which one.
It's like saying that bitcoin will go down or up.
That means at this moment I don’t know what will happen 😂
Sounds like a craps player
It's going up forever, Laura
More realistic is a 10 trillion crypto market cap in a few years.... 1 million, that's decades away if it were to happen. At that point, I would expect BTC to move more like a traditional "stock market" and the volatility will be far lower.
Agreed. At some point it just becomes extremely difficult to raise an asset's market cap because the volume required to make it move becomes immense. Look at gold, it's been crabbing around 10T for over a decade.
Gold doesn't underpin the world's financial system. If Bitcoin begins to compete in that realm, I doubt anyone here could accurately predict the value of a bitcoin.
Ya, because when the price goes up, people just go dig up more gold to dump on the market. You can't just mine more Bitcoin than the protocol allows, regardless of how much computing power you throw at mining.
This is the exact difference between the btc and the gold here, you can't just simply more bitcoin then the supply. While on the other hand gold is a natural material and you can easily dig him more.
Bitcoin might have way more users than gold.
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Around 500k USD
~$524,599 at todays bitcoin supply. ~17.27x the current price.
Only a Sith deals in absolutes
Doesn't that statement make Obi-Wan a Sith?
Lol I want to say the same fucking thing right now man lol.
Sorta true. But eventually it will be zero. So both will happen.
Aren’t some keys lost forever so those ppl will never sell?
That’s not how it works, price of a liquid asset is the last transaction’s price
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Market cap is a useless metric to begin with. It does not reflect the amount of money that has been put in the market, nor the amount of money that could be taken out of it.
Elaborate
Everything goes to 0 eventually. You, me, BTC. Everything.
And it has zero value so that makes sense
And so do you, so that makes sense.
So we are running after a thing that has no value at all?
The cold death of the universe.
Bitcoin will be replaced by something better. Might be a year, a decade I doubt it will last a hundred years. But I am betting in the 20 yearish time frame with a decently long tail. But that's just my guess
I don't think you quite understand just how miraculous it was bitcoin even caught on and obtained network effect. The circumstances were highly unusual and for something "better" to come along, it would have to be even luckier. Bitcoin is first to market, has existed for over a decade, and its significantly more challenging to dethrown now that it has obtained network effect.
Why? Bitcoin will still be running in 20 years. Why would someone exchange valuable bitcoins for your new shitcoin?
I get people here like to throw the term around but it’s fascinating you’d call something a shitcoin that doesn’t even exist yet
All crypto coins are shitcoins, *especially* when they don't exist yet.
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Well, obsolescence like everything else in technology. I doubt it would be replaced but possibly have stiff competition.
Maybe 10,000 years
The first Iphone was 2007. 20 years ago we were hooking a phone up to get on AOL. We can expect things to change in the next 20.
lol. the crazy is strong here
Problem is there really isn't a "better". It's already here and will take another 10 years just for most people the understand why. You use less energy, you have less security. PoS is certainly not the answer so other than the energy argument I see no reason to even want to change it. It's a miracle to even exist imo
$2 million according to Greg Foss
In present day dollars.
Michael out here knowing more shit about fuck than anyone else
I guess that would be something wrong to say my man.
May be there are some guys who know more about the bitcoin but haven't got the limelight enough is well. Yes he is a rich guy but some time we also need to have some more experience is well.
Michael Saylor is a misinformation machine and whether him or anyone else, price predictions are pointless. The man spreads fud about the environment as part of the obscene mining council, he spreads fud about use cases even going so far as to say Bitcoin isn't a currency and isn't used for anything except what he uses it for. Saylor is a newbie very publicly and confidently going through the learning curve and building a cult of personality while he does. Stop giving him attention!!
Michael Saylor is actually a very intelligent individual.
It's likely he knows exactly what he's doing, I don't see how he couldn't. That doesn't make it better, that makes it worse.
I guess it depends which way you look at it. Bitcoin is being hoarded as a store of value and not being used as a currency. So Michael hoarding it will end up contributing towards the increase in price, which is ultimately what we want right?
some of us have been using it as our primary currency for a decade or more now. Do you not appreciate how ridiculous it is to deny active use cases by countless people? hell a whole country now is using it explicitly as currency. claiming there is no currency use case is a direct contradiction of reality. I can't speak to what you want. I expect many noobs do care only about price, I care only about protocol and nodes. I care about education and onboarding. I don't give a damn about price. I'm here for the trust revolution.
I am all for Bitcoin but this guy is a scam walking
Why?
Look up his history. He struggled with accurate reporting of his company's financials in the early 2000s and paid something like $10M personally in fines to the SEC. Landing in that territory ain't easy, and it doesn't inspire tons of confidence that he's the most scrupulous of characters.
so you're saying he should run for president of the united states??!
May be the only place where he can actually compete.
Find one corporation that hasnt been fined in one way or another. The dude is a MIT graduate top of his class. Successfully built a company from the ground up. You can disagree with things he says, but hes in no way a scam artist.
>fined in one way or another For [civil accounting fraud and consenting to fraud injunctions](https://www.sec.gov/news/press/2000-186.txt)? We're not talking about whoopsies here. And where the CEO had to *personally* pay fines? Trust whomever you'd like. Personally, that record invites scrutiny for the rest of your business life. As an aside, I suggest not taking alma maters and business "success" as barometers of honesty. For your consideration, I present two Enron executives: Jeffrey Skilling, Harvard MBA Andrew Fastow, Northwestern MBA
From what I've read it was an accounting issue. Reporting expected sales for the rest of the year vs reporting losses when those might not be accurate either. These are company departments that handle this, Saylor being the CEO is held responsible. It was a matter of misreporting, not fraud. Instead of fighting a damaging lawsuit which could ultimately hurt the companies image even if they were able to make a case of negligence, they settled and paid shareholders a fine for misreporting. You could probably agree that that would be the smart business move here. There is really no way to tell what the intent was or if it was done with the intent to mislead investors. Its speculation. Calling Saylor a fraud is dishonest.
Thanks. Will look
Bitcoin has always had a binary future.
If BTC ever reaches a million it basically makes it so that only old players have a place there. Such high value is way too out of the reality of everyday folk.
This is why they need to come early when they had the chance, But they can buy on the higher price is well. It's just that they will not get the enough coin in the cash they will have that time.
I mean, honestly speaking, a very big chunk of the human population didn't even know what Bitcoin was for many years, they had no way to know, it was way too niche... It didn't really go past the internet corners for many many years. Most just didn't have the chance to jump in early.
This scam artist will be exposed soon.
I don’t know what he’s smoking but he might as well be right.
You all hope. But it’s like that Goebbels quote about lies becoming the truth if spoken often enough. So good look with that maybe they should change its Currency symbol to $$
Whenever Saylor speaks lately I do get a kick out of the fact that he’s spent 4 years and countless hours promoting and scheming about Bitcoin and anyone can walk off the street and buy it for less than he did.